Merck stock’s biggest selloff in nearly 17 years is cutting close to 60 points off the Dow’s price

 Merck stock’s biggest selloff in nearly 17 years is cutting close to 60 points off the Dow’s price

Shares of Merck & Co.
MRK,
-9.86%

tumbled 9.5% in midday trading Friday, putting them on track to suffer the biggest one-day drop since January 2005, after Pfizer Inc.
PFE,
10.86%

released data on a pill to treat COVID-19 that showed greater efficacy than Merck’s. The stock’s price decline of $8.61 was shaving about 57 points off the Dow Jones Industrial Average’s
DJIA,
0.56%

price, while the Dow rallied 246 points, or 0.7%. The stock’s big selloff, the stock has retraced about 56% of the gain, from the Sept. 29 close of $75.11 to the Thursday’s record close of $90.54, that was triggered by Merck’s announcement that it developed an oral treatment for COVID-19 with partner Ridgeback Biotherapeutics.

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